Attending the ceremony on BSR’s side were Mr. Bui Ngoc Duong – Chairman of the Board of Directors; Mr. Nguyen Viet Thang – President & CEO; members of the Board of Directors; members of the Board of General Directors; the Dung Quat Refinery Management Board; and representatives of functional Divisions. On GTSI’s side were Mr. Phan Truong Son – Chairman of the Members’ Council; Mr. Nguyen Xuan Truong – General Director; members of the Members’ Council; the Executive Board; directors of affiliated units; and technical experts.

The cooperation agreement between BSR and GTSI seeks to leverage the facilities and resources of both parties. The key objective is to assess the potential of using pyrolysis oil from waste tires and plastics, based on GTSI technology, blended with BSR’s FO/MFO fuel oil to produce sustainable marine fuel oil (S-MFO). At the same time, the two sides will collaborate on developing technologies to recycle or treat BSR’s waste streams (sludge, wastewater, spent catalysts, etc.), thereby strengthening BSR’s competitiveness and advancing its sustainable development goals.

At the signing ceremony, Mr. Bui Ngoc Duong - Chairman of BSR’s Board of Directors - stated that the Company is committed to research and development of new products aligned with the green energy transition and is determined to achieve its strategic objectives. “Through this partnership, we will work together to build strong, effective cooperation, expand the business operations of both parties, and deliver tangible outcomes. For BSR, I request all functional Divisions to closely coordinate in further improving technologies, ensuring alignment with business goals, and formulating specific targets. This will enable us to launch new products of suitable scale to serve as a foundation for future growth,” he emphasized.

The signing between BSR and GTSI also aims to accelerate the research and application of advanced technologies to meet the demands of the global energy transition, thereby supporting BSR’s efforts to expand sustainable fuel production, strengthen waste treatment, and contribute to environmental protection.

GTSI is a member of the GTS (Green Technology Solution) ecosystem, a leading unit in advanced pyrolysis technology, which uses high temperatures in an oxygen-free environment to decompose organic waste such as plastics, rubber, and agricultural by-products into valuable products such as fuel oil, gas, and biochar. With state-of-the-art equipment and strict control systems, this technology ensures efficient recycling of waste, reduces greenhouse gas emissions, and supports the development of a circular economy. GTSI’s technology has achieved multiple international environmental certifications. In addition, the company also conducts research on green and nano materials and has extensive experience in waste treatment projects.

In recent times, BSR and GTSI have already established initial cooperation and achieved positive results in developing sustainable marine fuel oil (S-MFO) as well as recycling BSR’s sludge, spent catalysts, and wastewater. The newly signed cooperation agreement ushers in a new phase in developing sustainable fuel solutions, waste recycling and circularity, and advanced material applications, thereby enhancing competitiveness and enabling BSR to further advance its circular economy strategy at Dung Quat Refinery and pursue sustainable growth.

BSR